Market rents are about $1200/$1250 per unit, and eventually I will get the property up to these levels, which should give me about $300-$500 of CF a month when I move out.I am very excited about this first deal, and wanted to share with the BP community!

Your budget, your interests, your comfort levels, and just general preference.

However, It's worth noting that mere joint ownership of real estate and rent collections does not necessarily rise to the level of joint business activity that constitutes a partnership.

Obviously, it is not as simple as I've described but wanted to give you a high-level overview. 

Otherwise, I believe if you upgrade your BP menmbership to PRO or the next level up you can download state specific forms.

Agree with kelly if you are having a hard time coming up with 3 percent continue to save because that stress level will increase when something happens and you can't resolve it for the renter

I would want the front entrance to be at the lower level. 

Sometimes the best use for old buildings is to level them.

This is why my plan is to achieve the level of financial independence whereby I can keep my 105 year old beautiful money-pit of a home.So to answer the OP, my plan is to stay right where I am, but at the same time, I'm sure my wife and I will be traveling 6 months out of the year...vacationing, visiting relatives, who knows.... maybe even visit some of properties of the syndicated deals we've invested in over the years. 

Explain that your function in the real estate investment cycle is to spend a lot of time and energy to market to potential sellers, weed through the valid prospects, successfully negotiate the price, and market to find an end C Buyer.